COFCO is a state-owned enterprise headquartered in Beijing. It is a leading agribusiness company, and food supplies and services company in China, with annual revenues of US$31 billion in 2013 and with several listed subsidiaries.

HOPU Fund is a private equity fund with investments in public and private assets and companies.

COFCO, HOPU Fund, IFC and other investors will collectively have 100% shareholding in Noble Agri after closing of the investment.

Total consideration of COFCO’s secondary purchase of 49% shareholding in Noble Agri is estimated at approximately US$800 million.

The proposed IFC investment is up to US$36 million equity for an indirect minority shareholding in Noble Agri through a subsidiary jointly held by COFCO and IC.

36.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	36.0

* These investment figures are indicative

Noble Agri is headquartered in Hong Kong, and has with over 60 offices covering South America, Africa, Europe, India, Asia, and Australia.

1. Contribution to global food security: Noble Agri is a midsize global trader and has financing constraints for its investment programs. The COFCO acquisition will provide the Company with access to long-term capital to expand its operations, ultimately increasing the supply of agri-commodities.

2. Improvement in food supply chain efficiency and productivity: The COFCO partnership will enable the Company to invest to improve its competiveness. The global agri trading platform will exploit business synergies as well as economies of scope and scale to improve the supply chain efficiency of major agri commodities.

3. Rural livelihoods and private sector development: Significant direct and indirect employment will be created in multiple developing countries. It is expected that 3,900 additional jobs will be created at Noble Agri by 2018. Increased productivity and improved standards in the value chains will also lead to increased wages and incomes for farmers. Significant purchases from domestic suppliers and third party logistics providers is expected, with related indirect employment effects.

4. Turnaround of underperforming assets: Noble Agri''s sugar assets in Brazil have been underperforming. The full acquisition of Noble Agri will give COFCO greater control, enhancing COFCO''s ability to implement operational changes needed to turn the assets around to profitability.

1. Global industry expertise and local presence: IFC has extensive experience across the oil seeds value chain and agri-commodities trading, developed over four decades of investing in agribusiness. IFC is also the only equity investor in CIL with a presence in all of the Company''s main operating markets. COFCO and other IC partners have relied on IFC''s experience in agribusiness in evaluating this investment.

2. E&S best practices: IFC will continue to assist COFCO International and Noble Agri with the development and implementation of a robust, integrated E&S management system, which has been agreed by the Companies, and will monitor the progress in establishing E&S best practices especially in its supply chains.

3. Sustainable South-South investments: IFC will support COFCO in enhancing E&S standards and economic impacts of the new platform''s footprint and setting a leading example for sustainable South-South investments emerging from Asia.

4. Honest broker: IFC has been key in balancing the interests of COFCO - a strategic investor, and the IC - comprising private equity investors. IFC has helped negotiate a shareholders'' agreement with a focus on strengthening corporate governance and transparency, protecting the interests of minority shareholders, and enforcing the independence of the new platform.

5. Stamp of approval: The partners, especially COFCO, believe that IFC''s participation as a knowledgeable and a neutral investor will help integrate the two Companies and enhance the image of the integrated platform in preparation for an initial public offering (IPO) in the future.

IFC has categorized this equity investment as a Category A project, according to its Policy on Social and Environmental Sustainability (January 1st, 2012). The rational underlying this categorization is based on the well documented significant adverse biodiversity risks associated with soybean sourcing in the ecologically sensitive Humid Chaco in Argentina and Paraguay, and in the Amazon and Cerrado biomes in Brazil.

Please refer to the related Environmental and Social Review Summary (ESRS) document for this project.

Please refer to the Environmental and Social Action Plan (ESAP) tab in the related Environmental and Social Review Summary (ESRS) document for this project.